EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
SourcingJun 27, 2017
Pallinghurst Gets Go-Ahead in its Bid for Gemfields
Pallinghurst Resources Ltd. announced Monday that it has received the shareholder support needed to move ahead with its bid to fully acquire Gemfields.
Gemfields operates the Kagem emerald mine in Zambia, pictured here. The company’s biggest investor, Pallinghurst Resources, has received shareholder approval to move ahead with its takeover bid.
London--Pallinghurst Resources Ltd. announced Monday that it has received the shareholder support needed to move ahead with its bid to fully acquire Gemfields.
Despite suggestions from Gemfields’ board last week that it might have trouble gaining the necessary support, Pallinghurst received 96 percent of the vote.
The news is just the latest in the bidding war that has been surrounding the London-based colored gemstone miner of late.
In May, Pallinghurst, the company’s biggest investor, made an unsolicited offer to buy the 53 percent of Gemfields it doesn’t already own. Under the terms of the deal, each Gemfields shareholder will be entitled to receive 1.91 Pallinghurst shares for each Gemfields share.
Just a few weeks later, Shanghai-based investment company Fosun Gold offered to pay about $286 million for the company, a “significant premium to the Pallinghurst offer,” Gemfields said.
Gemfields’ board has said from the start that the Pallinghurst offer “significantly undervalues” the company, advising that the Fosun Gold offer is better. The board’s independent committee reiterated that thought in a statement published online Monday, stating that it believes Pallinghurst’s offer “denies Gemfields shareholders the ability to realize the material future upside potential of the company on a standalone basis.”
The company declined to comment beyond its statement posted online.
But since Pallinghurst already had received approval from the majority of Gemfields shareholders (including its own shares) and, now, gotten approval from its own shareholders, it has declared its offer for Gemfields to be wholly unconditional.
As of the end of the day Monday, Pallinghurst said in a statment, it had received the acceptances of more than 75 percent of shareholders (the necessary threshold), securing its control of the company and allowing it to de-list Gemfields from the AIM market of the London Stock Exchange once the offer expired July 4.
Concurrent with Monday’s announcement from Pallinghurst, Fosun Gold’s cash offer for Gemfields lapsed.
In other company news, Gemfields also held an auction of rough ruby from the Montepuez mine in Mozambique this month and saw record auction revenues.
At the Singapore sale, which offered high- and commercial-grade rough rubies in both untreated and treated form, revenues reached a high for Gemfields of $54.8 million.
The auction was 85 percent sold by weight but 98 percent sold by market value, with an average per-carat price of $61.13.
The ruby sale was the second ruby and final auction of this
Editors' Picks
Sponsored by
fiscal year for Gemfields. Total revenues from all rough gemstone auctions year-to-date is about $132.7 million.
More on Sourcing
The Latest
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
